Trying to fill out form 7203 and it will not let me enter information into the cell for line 8a-non-deductible expenses. This is the same info entered into the K-1 box 16 code C, but it apparently does not automatically copy from there.
I click on the cell like all the others, but it will not let me enter anything....
Suggestions?
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for the 7203 the nondeductible expenses are entered as one of the first items on the 7203 (item B) in Turbotax then there's a question about reg 1.1367-19g). what this allows is for you to reduce your basis and take deductible losses before you reduce basis by nondeductible expenses.
example without the election: tax basis/at-risk $50 loss $60 nondeductible expenses $10. basis/at-risk first reduced by nondeductible expenses so only $40 of losses are allowed. the other $20 become basis/at-risk carryover. with the election, $50K of losses are allowed and you have $10 of loss basis/at-risk carryover and $10 of nondeductible expense basis/at-risk carryover
Thanks for the help- that did it!
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